The cryptocurrency market is rising in value, with 96% of Bitcoin holders making a profit.
CryptocurrencyPrice GAINS +/- BITCOIN BTC/USD $ 67,883.56+1.6% Ethereum ETH/USD $ 2,617.07+1.3% Solana Sol/USD $ 154.56-0.15% Dogecoin Doge/USD $ 0.1265+10.2% Shiba inu shib/usd $ 0.001869+ 0.001869
Notable statistics:
According to IntoTheBlock data, large transaction volume is up 43.5% and daily active addresses are up 10.4%. Transactions over $100,000 increased from 9,217 to 9,654 in one day. Exchange net flows increased by 43.8%. According to Coinglass data, 53,788 traders liquidated for $147.29 million in the past 24 hours. Cryptocurrency trader Jake Gagain pointed out that Bitcoin has reached its highest market power (58.8%) since 2021. Analysts predict that Bitcoin could reach 60% dominance before altcoin season begins.
Notable developments:
Top gainers:
Cryptocurrency Price Rise +/-FTX Token FTT/USD $2.1+14%Dogecoin DOGE/USD $0.1265+10.2%Bonk BONK/USD $0.00002409+7%
Trader Note: As Bitcoin price hovers around $67,000, trader Michael van de Poppe says the crypto tycoon is aiming for a new all-time high as the trend has changed. He predicts this will happen within the next three to four weeks and that Bitcoin could reach $90,000 by the end of the year.
Expressing a similar sentiment, CryptoCon has set Bitcoin’s next target at $109,000, which could be reached as early as December. The trader said there is no recession or bear market in sight, and everything is on track for a record high in 2025.
In a Santiment poll on when BTC will reach $73,700, 41.6% of respondents think it will reach $73,700 by the end of October, 36.5% by the end of 2024, while around 9.4% think it will not happen. The answer is no.
🤔 Bitcoin just surpassed $68,000 for the first time since July 29th, but when will its market value cross the all-time high of $73.7,000?
— Santiment (@santimentfeed) October 16, 2024
Cryptocurrency trader BitQuant sees an upcoming range where Bitcoin could consolidate between $75,000 and $95,000. While $63,000 remains a solid purchase price for BTC, traders are not recommending buying above $70,000.
What’s next: Bitcoin’s impact as an institutional asset class will be thoroughly explored at Benzinga’s Future of Digital Assets event on November 19th.
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